Netflix, Inc. (NASDAQ: NFLX) impressed investors in July with its second quarter earnings report. Heading into the company's third quarter on Nov. 16, investors could expect more of the same, at least according to a proprietary survey conducted by Baird's William Power.

Data from a survey suggests "solid" net additions for Netflix in both the U.S. and international market, Power commented in a report. Specifically, net additions for the quarter is projected to be 750,000 in the U.S., which is a figure that is inline with the company's prior guidance. Internationally, the company is projected to have added 3.6 million net additions in the third quarter and another 4.7 million net additions is modeled for the fourth quarter.

Netflix's lineup of strong shows, including season three of "Narcos" and season one of "Ozark" likely contributed to subscriber growth, the analyst said. Growing distribution partnerships with cable providers and a new partnership with T-Mobile US Inc (NASDAQ: TMUS) were also cited as contributing factors to a strong performance.

However, Netflix's strong bull run as of late coupled with rising content costs, increasing competition and "steep" free cash flow losses are all reason enough for the analyst to remain on the sidelines. Accordingly, Power maintains a Neutral rating on Netflix's stock with an unchanged $175 price target.